Hold Period Allows for Value Add and Growth

Kennedy Wilson grew the income by approximately 20% prior to sale.

EL CERRITO, CA—Implementing a value-add asset management program adds up to increased net operating income for Kennedy Wilson and its equity partners. The team recently completed the sale of a 159-unit multifamily property, The Village At Town Center, for $55 million. The apartment community was acquired by Kennedy Wilson and its partners in 2013, after which Kennedy Wilson took full execution of its business plan and grew the income by approximately 20% prior to sale.

Kurt Zech, president of multifamily investments at Kennedy Wilson, tells Globest.com: “The Village At Town Center is a premier multifamily asset in El Cerrito. Kennedy Wilson executed its business plan at the property by improving operations and implementing a unit interior value-add program, significantly increasing property rents and cash flow. During the company’s hold period, the area around the property matured beautifully and is now a hot area for East Bay urban living with great access to major Bay Area job centers. Overall, we have been selectively selling multifamily assets for which we have achieved our business plan and created significant value for our investors.”